Go Niners (next week)! Go See Your Next House on Saturday or Early Sunday

GO NINERS! (Bet of the Week: Niners, by 6)

Hello! Happy Weekend!. Welcome to Kevin’s Open House Picks of the Week — although this week I’m picking our 49ers.

Just a year ago interest rates for 30-year fixed mortgages averaged 4.18% This year they are averaging 3.5% while the median price for San Francisco residential properties has shot up 39% since then. While that median price is a hard number to rely upon because inventory has changed — fewer foreclosures, lower inventory generally — one certainty is that interest rates will float down like a feather but will shoot up like a rocket and fast. And with the recovery starting nationally the risks of inflation will almost certainly lead to interest rate hikes. So while prices are higher, your overall cost and tradeoff between having more money today on hand versus money tomorrow or a decade from now can be measured by whether or not you get to make that assessment from your home.

Today’s market demands decisive action. Bidding $20,000 or $30,000 over an asking price — itself an inaccurate almost irrelevant value — is almost pointless and expected. In fact, we’ve started to see what they do in New York: the “suggested price.” Remember, market value only equals what someone (hopefully not someone else) is willing to pay for a property, which explains price flexibility especially if a property is not listed on the MLS. In fact, there is thinking that a third of property that will change hands in 2013 will be done off-market; all the more reason to have someone plugged in like me working for you.

Listing Sneak Peeks

(as overheard/shared by my colleagues) I’ve been pounding the pavement, making calls and carefully listening to learn about new opportunities for you all before others do so you can get a head start.

24th and Dolores – Stunning renovation of two condominiums from a former single-family house. Won’t last long. Stunning views, high-end finishes, solid and quality construction. 1101 Dolores St. Lower unit 1.5 million upper at $1.995 million. Upper has four bedrooms, two and half-bath and 2300 ft.² (sold at +15% to an exclusive appointment client. Lower home has three bedrooms two baths with Cornerview at 1800 ft.² each comes with a parking space and it essentially new construction. Exclusive appointments only.

486 Chestnut, Three new condos, 2 or 3 bedrooms with 1 to 2 parking spaces each, at least 1600 sq ft each expected, priced from $1.6M to $2.1M are coming on the market in January [construction delay]. It’s a rare to find something new in this area at all. See more: http://1456chestnut.com

top-shelf remodel, 2 fireplace, open kitchen, speakers in ceiling, new overhead light fixtures, small patio, restoration hardware finishes, garage parking, great location. List price $1.25M. Open to the public shortly thereafter and who knows what it will sell for and how long it will last. Seller is willing to take an offer now.

352 Richland at Andover, Bernal Heights single family home fixer with APPROVED, shovel-ready plans for a 2300 sq ft expansion/addition to an otherwise large 1 Bedroom, 1 Bath, deep lot with yard, listed at $795k. Listed this week generally on MLS.

86 Wool St, Single Family Home at Eugenia Ave — 3 bed, 2.5 bath, 2 car, 1800 sq ft, was on the market last summer as a fixer, now it’s just about complete with high-end finishes and remodel. Expected list price $1.5M

Noe Valley, Single-family House on Jersey St, between Noe & Sanchez, 290 Jersey, with AMAZING finishes; Previously 2 unit-probate at Jersey and Sanchez – now a stunning single-family home – 4 bedrooms (3 on same level); 3.5 bathrooms; formal living & dining; gourmet kitchen with family room / eat-in area; media room with wet-bar and adjacent outdoor living space with fire pit, garden and parking. Suggested list price in the $2.8’s. Shown by appointment only this Sunday, seller would love for Vanguard to sell the property and willing to take advance offers before going to open market.

994 Corbett near Market/Portola, it’s improved (perhaps over-improved, which means more value for you). Single family with 4 levels, w/ elevator, 3000 sq ft, master suite level with deck overlooking the city, fire place, steam sauna, infinity tub with views, master walk-in with chandelier, then three other levels with another 2-4 bedrooms depending on how you configure each floor. Decks on each. Excellent finishes and remodel. Radiant heat. Wood floors throughout. The kitchen is, well, wow, viking, gas range, custom wine fridge in addition to full-length refrigerator and freezer, two dining rooms, two sitting rooms, family rooms, workout room. Each person gets their own level. There’s a place to plugin your electric vehicle, the views are stunning, Anyway, it’s off market for a while and the list price now is $2.9M. Sellers are willing to negotiate.

In addition to my Picks of the Week, Advances and Exclusives, I thought you’d be interested to see how things ended up with previously listed properties. So without further ado:

Stories of the Week:

310 Townsend, a big one bedroom loft in that historic restoration building next to CalTrain, that was listed at $799,000 went in to the $800,000s — for a one bedroom!

2776 Golden Gate, a 2 unit building with one unit being tenant-occupied was listed at $999,000, received 6 offers and will close nearly 20% over the asking price.

1015 Florida, the single family home in need of some TLC in the hot Inner Mission area, listed at $665,000, received at least 14 offers and entered escrow at a “substantial” amount over the asking price.

1610 Sacramento, 3 bedroom Nob Hill condos with more than 1200 sq ft, which was exclusively previewed last weekend to Vanguard agents and their clients, already has the top-floor unit in contract at more than $1,000 a sq ft.

411 Valencia, the last 2-bedroom condo available went into contract over its asking price of $759,000 with multiple offers.

Extras: Access various reference resources — including my exclusive 60-page User Guide on how to navigate real estate successfully in San Francisco for buyers and sellers at www.kevinho.org Ask me for reference materials via Dropbox. And see pictures of many the homes I preview for you at Photobucket or on iCloud or YouTube.

This week there seems to be a lot of single-family homes and larger condos at the $2M price point. I’ve always said that the $2.3M – $2.9M price point is the perfect price in SF as you’ll get the most ideal home, or amenity-filled condo in areas like Pac Heights/Marina, South Beach (condo), Noe Valley/Eureka Valley, Haight (single family homes) Also we’re seeing more fixers pop on to the market too. So, take a look here and also be sure to go to www.kevinho.org to see the upcoming broker tour sheet for Tuesday.

My business comes from you and yours, so please feel free to pass this along to your friends, colleagues, pet walkers, etc. Thanks! Kevin Ho

Picks of the Week

TAKE NOTE: Many of the open houses this weekend are on Saturday or are EARLIER on SUNDAY.